Trump and Harris Proposals to Skyrocket National Debt Amid Election Promises

October 7, 2024
Trump and Harris Proposals to Skyrocket National Debt Amid Election Promises
  • Harris's proposals include substantial investments in affordable housing, manufacturers, and small businesses, totaling around $2.3 trillion.

  • Her campaign asserts that these investments will be funded by higher taxes on corporations and the wealthy, emphasizing a commitment to fiscal responsibility.

  • Trump's agenda also relies on new tariffs on imports, estimated to raise between $2 trillion and $4.3 trillion over a decade.

  • In contrast, Trump's proposals are projected to add $7.5 trillion to the national debt, primarily due to extensive tax cuts and expenditures.

  • Vice President Kamala Harris and former President Donald Trump are unveiling extensive lists of promises to voters, focusing on critical issues such as housing, healthcare, and tax relief.

  • However, neither candidate has significantly addressed the rising national debt, despite bipartisan calls for fiscal responsibility.

  • The Committee for a Responsible Federal Budget (CRFB) indicates that Trump's proposals would lead to significantly more debt than Harris's, estimating a potential $15.2 trillion increase.

  • The CRFB warns that the growing national debt could slow economic growth, limit policy choices, and increase the risk of a fiscal crisis.

  • His plans include extending nearly all provisions of the 2017 Tax Cuts and Jobs Act, which alone is expected to cost about $5.4 trillion.

  • Both candidates' proposals would require Congressional approval, raising questions about their feasibility in a divided legislative environment.

  • Overall, the analysis suggests that under both candidates, national debt would likely grow faster than the economy, with Harris being viewed as more fiscally responsible than Trump.

  • Harris aims to offset costs by increasing corporate and capital gains tax rates to 28%, but these measures are not expected to fully cover her proposed expenses.

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